Binance SCHORST SEPA Euro bankeposito

Binance, the world’s largest cryptocurrency exchange, today announced it was suspending bank deposits denominated in euros from the Euro single payment zone (SEPA), the EU’s payment network, according to reports. 

According to the Financial times, European crypto exchange users received an email stating that customers could no longer be deposited through SEPA. 

SEPA is a network that aims to make European payments fast, easy and cheap by creating a single Sunday for payments in euros. Crypto traders use SEPA to transfer large amounts of cash to exchanges. Binance customers in countries currently using SEPA (currently 36) cannot use the system to deposit cash. 

Binance did not respond to a decryption request for comment. 

 

The exchange said the move was “temporary” but due to “events beyond our control,”according to the FT. Users can still receive euros from the exchange through SEPA. Payments with credit and Debit Cards are not affected.

This week, Binance has already announced the news that British bank Barclays will ban customers from sending money to the stock market. And the UK Financial Conduct Authority (FCA) last month issued a warning to consumers against Binance Markets Limited, a company acquired by binance, to facilitate the launch of a private crypto exchange in the UK. 

Binance Is Not Entitled To Work In The Cayman Islands

None of this will necessarily stop Binance users in Europe or the UK. But that makes things difficult. 

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